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Colin S. Ritchie

I was raised in London, Ontario but have been a resident of British Columbia since completing my English Degree at Queen’s University and deciding to venture west for law school in 1994.  Although I am passionate about financial planning, I see it (and any career) as only one aspect of a balanced and happy life.

When not crunching numbers or writing Wills, I love to stay physically active (preferably outdoors), play guitar, curl, enjoy card games, listen to live music and bake  I also remain committed to regularly spending time with my family and friends. More about my education and experience.

My Tenets of Financial Planning

  • “Never confuse having a good income with having a good life.” Statistics show that, once you have enough to satisfy your basic needs and a little bit more, people aren’t any happier as their incomes increase.  In fact, the opposite is true.  Accordingly, any good financial plan should focus on maximizing the quality of your present and future life rather than the size of your investment portfolio -sometimes less is more!
  • Make financial decisions on the basis that you’ll both die tomorrow and live to 100.”   As we seldom know when we’re going to die, it makes sense to implement a financial plan that puts aside enough money a 100th birthday party but also recognizes that maybe we won’t live until retirement or be particularly healthy if we do.  I believe in plans that strike a balance between “you can’t take it with you” and “I don’t want to live on cat food when I’m 80.”
  • “It’s not what you make but what you keep.”   At the end of the day, it all comes down to what you keep after the tax man cometh.  By understanding and taking advantage of how different investments are taxed, you can improve your investment performance without necessarily taking more risks.  By understanding how to legally split income between different family members, you can significantly increase your wealth without increasing your earnings.
  • “Want to make God laugh?  Tell him your plans.”  No matter how detailed, any financial projection is at best a rough estimate, as there are an infinite number of variables that can alter the course of even the best laid plans.  Accordingly, I suggest making and executing a plan that addresses a reasonable number of contingencies and reviewing the plan every year or so, or sooner if circumstances change.  On othe other hand, once you have taken these step and are implementing the plan, it would be a shame to let too much attention towards an unknown tomorrow get in the way of a great today.
  • “Why pull your goalie when you’re up 3 goals in the third period?” Investing should focus on achieving your goals with the minimum amount of risk rather than taking needless chances to acquire more than you actually need.
  • “It’s seldom too early or too late to develop a financial plan.”  Many strategies to reduce taxes and achieve your financial goals can take years or even decades to fully realize.  As a result, it is never too early to start the ball rolling, especially since a few changes now can often allow you to achieve your future goals sooner and easier.  On the other hand, no matter your life circumstances, there are almost always steps you can take to improve the financial circumstances of you and your family.

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